Portugal, which has been undertaking comprehensive labor market reform, is still far from being back on track. According to The Economist, Portugal has arguably been the "most devout in repentance." However, the country is seeing increasing austerity protests.

"Considering the events of 2008-2010 as a simple demand-driven business-cycle fluctuation was an error of judgment that proved to be expensive in the context of the euro area sovereign debt crisis," wrote Gaspar.

In addition to identifying errors, he also looks at the aftermath of the crisis and what the economy needs to do to return to growth and job creation.